To: Elliott Wave experts or enthusiasts only

[victorycountry]

I surely don't have any evidence, but are financial systems obeying mathematics and natural laws, or not? If yes, there might be self-similarity to be found at different scales of price action. It's a fascinating topic to investigate, but have yet to find anything tangible to use in trading other than dumb default values as placeholder for order of magnitude (ie. using multiples of 1.618 instead of 2 or 10). The Phi-family of numbers, all purely derivable from phi, is the only "number" existing that is perfectly self-similar and self-symmetric in so many ways as it is, so anyways merit wonder and appreciation. Anyways, if one finds something, it'll be in the probabilistic domain, and not certainty.

Fib numbers are just cognitive reference numbers. It's a result of human bias.
It might be better to build a system with integers like 1.0000 in USDCHF, 1.25000 in EURUSD, 1.50000 in GBPUSD, which often form resistance levels and prices often reverse once they cross these points but that rarely happens but this is a result of human bias too.

 

[victorycountry]

The OP is the being attacked for ... gosh darnit posing a simple question to those who might actually help not ridicule.

Guess there are a lot of Trumpie supporters or haters around these days and want to vent.

You're wrong about this. OP was the one who did not behave just because he did not agree/like some replies. He's the one who needs to grow up. But who cares, he will disappear in the near future from the derivative market anyway. He's no chance, especially with his childish attitude. Well, regardless of his attitude, he's got no chance.

 

[Simples]

Fib numbers are just cognitive reference numbers. It's a result of human bias.
It might be better to build a system with integers like 1.0000 in USDCHF, 1.25000 in EURUSD, 1.50000 in GBPUSD, which often form resistance levels and prices often reverse once they cross these points but that rarely happens but this is a result of human bias too.

No matter what you use, price in a liquid market will continue moving, so any model is bound to break sooner or later. Fib extensions is a tool that may be used to box in price, or filter prices. If other numbers works better (there usually are better numbers in backtests), I'd rather use that, but also work to find out why I need to "optimize", aka box in price, so and so.

 

[Xela]

On the subject of Fibonnaci, can I offer a link to a page of an interesting academic site in this thread without being accused of being a Trump supporter or hater

https://www.lhup.edu/~dsimanek/pseudo/fibonacc.htm

 

[SunTrader]

... OP was the one who did not behave ..... Well, regardless of his attitude, he's got no chance.

Do you read WTF you post before sending?

His attitude LMAO.

 

[SunTrader]

Fib numbers are just cognitive reference numbers. It's a result of human bias.
It might be better to build a system with integers like 1.0000 in USDCHF, 1.25000 in EURUSD, 1.50000 in GBPUSD, which often form resistance levels and prices often reverse once they cross these points but that rarely happens but this is a result of human bias too.

Another doozy. Follow the crowd around BRN's big round numbers. Now why didn't I think of that .... 50 years before everyone else.

 

[andrin]

Just for reminder: The most common and reliable Fibonacci relationships can be found between alternate waves, rather than adjacent waves. For example, the lenght of Wave 3 in a five wave sequence would be influenced by the length of Wave 1, rather than by the length of Wave 2.
In my practice, the Fib extension is kinda useless trading with EW principles. You never know how far the market will move. Only Fib retracement works and ONLY in five wave sequence(motive waves), it doesnt work on corrective waves because those are the waves which are kinda untradable.

 

[SunTrader]

The most reliable way to use fibs (rets, projs, exts) are together on waves 3, 5 AND 4. As well as drilling down from higher to lower timeframes.

 

[777]

You did say that, yes ... thereby giving yourself (with the "enthusiasts" part) the remarkable, self-imposed limitation that the only people with whom you'll interact specifically exclude the group of people who have spent plenty of time examining and learning all about the exact things you're asking about, before deciding that they're actually a load of old nonsense.

"I want to learn about this but only from people I already agree with - no other perspectives or experience are welcome".

A more extreme example of selection-bias would be harder to find.

Even in ET (and that's saying something).

And by the way Victorycountry happens to be right about this. It happens.

Agree.

"I'm particularly interested in seeing the world through the eyes of smart people who see things differently from me," Ray Dalio

 

[Epicurus]

Can anyone here divulge and tell me the relationship between the 1.618 fibonacci extension and with certain elliott wave patterns and which you prefer to use it in conjunction with? I'm also not talking about everything being divisible by or into 1.618 and extending and all these other scenarios I'm speaking solely specifically on the 1.618 retracement or extension etc. I'm also not talking about using it for a take profit level...

jpvil123, Wave 3 typically peaks at a 1.618% extension of Wave 1 length, as measured from the bottom of Wave 2.